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Derayah Financial Co. Announces The Approval Of Bank D360 Extraordinary General Assembly To Increase The Bank’s Capital Through A Rights Issue OfferingCorrection announcement from Derayah Financial Co. in regards to
| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website | 2025-06-04 Corresponding to 1446-12-08 |
| Hyperlink to the Previous Announcement | Click Here |
| Incorrect statements in the previous announcement | The Derayah Financial Company ("the Company") announces that the Extraordinary General Assembly of the D360 Bank ("the Bank"), in which the Company currently owns a 20% equity interest, has granted its approval. Announces the Board's Recommendation to Increase the Capital by Offering Right, This is based on the recommendation of the Bank's Board of Directors to increase the Bank's capital from one billion, six hundred and fifty million (1,650,000,000) Saudi Riyals to two billion, one hundred million (2,100,000,000) Saudi Riyals, an increase rate equal to (27%) of the Bank's current capital. The Bank's capital will be increased through a preemptive rights issue, so that the number of shares offered through the issue of (45,000,000) preemptive rights shares, with a value of (10) riyals per share, and a total value of (450,000,000) Saudi Riyals. The company intends to participate in increasing the bank’s capital, with its current ownership percentage in the bank amounting to (20%) of the bank’s total capital, with a total value of (90,000,000) Saudi riyals. The capital increase subscription will be financed through the company's internal sources. The company confirms that this will not affect its cash distribution policy. Bank D360 is the first fully commercially licensed digital bank in the Kingdom of Saudi, having received its commercial banking license in December 2024. Since its full-scale launch, the bank has experienced rapid growth, attracting over one million customers by mid-May 2025. As bank D360 continues its ramp-up phase, the capital increase will support critical investments in platform development and operational capabilities. Derayah views this investment as a strategic opportunity to unlock revenue synergies by offering its broad suite of investment products and solutions to D360’s growing customer base. The collaboration also enhances Derayah’s indirect participation in the fast-growing consumer banking sector, positioning both institutions for scalable, innovation-led growth. The bank qualifies as a related party, being a subsidiary of the company due to the company's authority to appoint more than 30% of the members of the bank's Board of Directors. The company will disclose any subsequent developments related to this matter as they arise |
| Correct Statement | Derayah Financial Co. (“the Company”) announces that the Extraordinary General Assembly of D360 Bank (“the Bank”)—in which the Company currently holds a 20% ownership stake—has approved the Bank’s Board of Directors’ recommendation to increase the Bank’s capital from 1,650,000,000 Saudi Riyals to 2,100,000,000 Saudi Riyals, representing an increase of 27% from the Bank’s current capital.The Bank’s capital increase will be by way of rights issue by offering 45,000,000 new ordinary shares at an offer price of 10 Saudi Riyals per share, with a total value of 450,000,000 Saudi Riyals. The Company intends to participate in the Bank’s capital increase in proportion to its current ownership stake of 20% of the Bank’s total capital, with a total investment amount of 90,000,000 Saudi Riyals. This investment will be financed from the Company’s internal resources and will not affect the Company’s dividend distribution policy. D360 Bank is the Kingdom’s first digital bank to be granted a full commercial banking license, which it received in December 2024. Since its full-scale launch, the bank has experienced rapid growth, attracting over one million customers by mid-May 2025. As D360 Bank continues its ramp-up phase, the capital increase will support key investments in platform development and operational capabilities. Derayah views this investment as a strategic opportunity to unlock revenue synergies by offering its broad suite of investment products and solutions to the bank’s growing customer base. The investment also enhances Derayah’s indirect exposure to the fast-growing consumer banking sector, positioning both institutions for scalable, innovation-led growth. The Bank qualifies as a related party, being a subsidiary of the Company, given the Company’s right to appoint more than 30% of the Bank’s Board of Directors. The Company will announce any future developments on this matter in due course. |
| Additional Information | We would like to clarify that the correction related to the previous announcement is limited solely to a linguistic adjustment in English and has no financial implications. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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